Bank National TSB Offshore Limited (2008-01-24)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning that Bank National TSB Offshore Limited is not authorised to conduct deposit-taking or financial service business in Jersey. The Commission states that Bank National appears to be fraudulently using the genuine name and address of Lloyds TSB Offshore Limited, a legitimate, authorised Jersey provider, and has no connection to the Lloyds TSB Group.

• No authorisation: Bank National has never registered or applied for registration under the Banking Business (Jersey) Law 1991 or the Financial Services (Jersey) Law 1998.
• Alleged breaches: Any deposit-taking business conducted since 1 October 1991 would breach Article 8 of the Banking Business Law; any financial service business conducted since 1 July 1999 would breach Article 7 of the Financial Services Law.
• No link to Lloyds TSB: Bank National is not connected to Lloyds TSB Offshore Limited or the wider Lloyds TSB Group, which are genuinely authorised in Jersey.
• Fraud warning: The Commission notes that documentation held suggests Bank National displays warning signs of being set up for a fraudulent purpose.

The statement is a warning notice rather than a regulatory requirement on a licensed entity. The Commission asks anyone who has dealt with Bank National to contact it directly.